Poland Repeals Law on Cryptocurrency Taxation

May 29, 2018

According to Polish Press Agency (PAP), the country’s Ministry of Finance decided to cancel law on collecting taxes from crypto transactions introduced last month and called it senseless. The ministry also voiced wish to scrutinize crypto industry and elaborate more advanced pack of rules.

“The Ministry of Finance has accepted the irrational effect of the PCC tax on cryptocurrencies. So far, the Ministry hasn’t done anything about the PCC, except for recognizing cryptocurrencies as property rights which automatically means obligation to pay the civil law transaction tax”, said Deputy Finance Minister Pawel Gruza.

In April this year Poland’s government passed a law by which all local crypto traders had to specify their total income from trading digital currencies. The mentioned sum was subject to profits tax for private individuals as well as additional 1%- taxes on conveyances.

The proposal has triggered a storm of protest among Poland’s crypto investors in Warsaw and made them petition for cancelling the law at change.org that gathered maximum 5,000 signatures.

Reportedly, the renewed law on cryptocurrency taxation is to be ready on or prior to June 15 this year.

Remember that mass media used to spread information earlier that the Poland’s government sponsors videos of local bloggers that warn investors against acquiring cryptocurrencies.